London Metal Exchange shareholders will vote on July 25 on the £1.388bn offer from Hong Kong Exchanges and Clearing, which some UK commodities dealers fear could pave the way for the epicentre of metals trading to move from the UK to China.

HKEx beat off US rivals IntercontinentalExchange and Chicago Mercantile Exchange in the race for the 135-year-old LME, the world's biggest market for metals trading. The LME accounts for 80% of global nonferrous metals trading, while China accounts for an estimated 42% of global base metals consumption and 68% of production.